Business in Real Estate Development

Business in real estate development

Land is the greatest gift of all times that God bestowed to us freely but many people who have access to good and fertile portions of it find it challenging on what to do with it, how to develop the land and venturing into business in real estate development.

While many landowners have explored the generosity of their properties, some are still in the category of how well they should maximise this natural gift of mankind.

Would you believe that the popular RCCG camp along Lagos-Ibadan Expressway was an empty property; full of bush, forest and absolutely nothing on the land? The General Overseer and other committed members of the church tapped into this so-called ’empty’ land and turned it into a massive city. You would be surprised at how large the place is. 

Today, many people both Nigerians and foreigners pay a huge amount of money just to own a portion of the land. The same land that was empty and bushy now an enormous city, not just a street or estate – a city with the largest space in its location. 

One piece of information and advice is that no land is worthless no matter its geographical location or price. It is erroneous to underrate the fortunes that can emerge from a bushy land. A wise person would take a glimpse into the future; map out strategies on how to redefine the prospects of the land, employ brains and appropriate resources to draw the map of its territory and begin its actualization of his dream via the land.

In today’s post, I shall be giving you tips on how to start a business in real estate development regarding your land or estate. You can call it business ideas or remarkable ways on how to make a fortune from your land. 

There are a lot of plans and activities you can achieve on your land either in the rural or urban areas. No land is ineffective, so far you have the right ideas on what to do with it. 

Let me start with what land or business in real estate development is all about. Beyond just possessing a land property, it is the process whereby you purchase land from the scratch, finance it or employ experts on the deal; commence its construction of your pre-planned building or structure from the beginning to the end. 

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Sometimes, you can acquire a building, demolish it and either renovate or rebuild to suit your taste or purpose. Some experts do this – they are called Real Estate Developers. They understand the nitty-gritty of developing properties and take the stress off you. There are also real estate firms who solely render this service; in fact, some offer more such as helping a client to do the land research, survey, and development while you provide the fund or capital as the investor.

Business in real estate development

Before you commence this business in real estate development; there are some important factors you should consider to avoid loss of capital. Let me quickly talk about them.

Developing your land or property requires some capacities if you are not an expert or a developer. Even though the sole purpose of any land development should aim at solving the need of shelter; or business development for leasing or outright sale. One of the problems Nigeria is currently facing is the housing sector. It appears there are inadequate spaces; however, there are more than lands which have not been utilised. 

As an expert, doing business in real estate development; one major challenge you might encounter would be the land grabbers also known as Omo Onile. Dealing with them might require spooky ability to deal with them especially in the cities. This is as a result of their recurring height of chaos; they cause in these places and the real estate industry.

You need to also consider your budget. Counting your cost before you embark on real estate development is highly required and recommended. This goes beyond the cost of land value, you should include the surveyors; and state land authorities as well in your budgeting. 

Knowing that business in real estate development is more of a process which may include renovation; re-leasing of existing buildings, buying raw land or even developed property, you may still require the service of real estate developers who would help you to coordinate all the activities involved in the process; turn your ideas into physical goal achievement and the entire process.

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